The non-fungible token (NFT) market experienced a significant increase in sales volume this week, reaching $109 million, with a focus on the Ethereum (ETH) and Polygon (MATIC) blockchains. Despite this positive trend, there was a substantial decrease in the number of NFT buyers and sellers, dropping by 68.00% and 67.78%, respectively.
Surprisingly, the number of NFT transactions surged by almost 21%, totaling 2,435,539 trades, according to data from CryptoSlam. Ethereum remained the top blockchain for NFT sales, generating $32,711,790, despite concerns about wash trading. However, Polygon emerged as a strong contender, surpassing Bitcoin (BTC) and Solana (SOL) with a 90% increase in NFT trading volume.
Polygon’s weekly NFT sales exceeded $24 million, with an additional $3.1 million attributed to wash trading. It is noteworthy that Polygon’s performance improved even as the number of NFT buyers on the blockchain declined by 78.98%. Solana secured the third spot with digital collectibles worth $22.7 million, experiencing a 2% decrease from the previous week.
Bitcoin struggled to maintain its position in the NFT space, recording about $15.1 million in sales, a nearly 5% drop from the previous week. Despite this decline, Bitcoin ranked higher than Mythos (MYTH), which registered sales worth $4.16 million. The DMarket collection on Mythos and the DogeZuki Collection on Solana were among the top-performing NFT collections this week.
High-profile NFT sales also made headlines, including TokenVestingPlans #582 on Ethereum selling for $360,611 and Bitcoin Punks’ Punk #3100 fetching $115,430. Fan tokens, a growing trend in NFTs, had a significant impact, particularly on the Chiliz (CHZ) blockchain. Galatasaray’s fan token sales skyrocketed by 70,149% to $280,537,908, while FC Barcelona and Paris Saint-Germain also saw impressive sales volumes.
Overall, despite a decrease in the number of NFT buyers and sellers, the market experienced a boost in sales volume, highlighting the ongoing popularity and potential of NFTs in the digital landscape. The competition among different blockchains and the emergence of high-profile collections and sales further indicate the dynamic nature of the NFT market and its evolving trends.